News
CT businesses will dodge federal unemployment tax hike next year
November 08, 2023
CT repaid $1.2 B borrowed during pandemic to pay jobless benefits.
Low Voter Turnout, Absentee Ballots Make Headlines Across The State
November 07, 2023
Political newcomer Arunan Arulampalam declared victory Tuesday night, winning with 69% of the vote, making the son of Sri Lankan immigrants the next mayor of Hartford.
Moore: ‘It's a Bridgeport Problem'
November 02, 2023
What separated the Democratic primary election overturned Wednesday by a Bridgeport Superior Court judge from previous elections in Connecticut’s largest city was not allegations of absentee ballot fraud, but rather physical evidence to prove it, Sen. Marilyn Moore said Thursday.
Department of Consumer Protection Announces Adult-Use Cannabis Transaction Limit Increase
November 01, 2023
The Department of Consumer Protection notified adult-use cannabis licensees that beginning December 1, 2023, transaction limits for adult-use customers will increase to 1/2 ounce of raw flower or the equivalent per transaction. The limit for medical marijuana patients is unchanged and they may purchase up to 5 ounces per month and are not subject to individual transaction limits.
Another looming fiscal challenge in CT: State retiree health care
October 26, 2023
While pension debt grabs headlines, retiree health care funding is worse off.
Connecticut Releases Guidelines for CPA Exam Credits of Candidates
October 25, 2023
Connecticut has passed four directives regarding CPA Exam credit retention.
Task Force Begins Work to Eliminate Motor Vehicle Tax in Connecticut
October 24, 2023
A new legislative panel began Monday the fraught task of identifying ways to eliminate the regressive and widely disparate motor vehicle property tax and replacing the revenue which Connecticut towns and cities rely on to run municipal governments.
Tong Joins AGs in Dozens of States to Sue Social Media Giant Meta
October 24, 2023
Attorneys general in 32 states including Connecticut are suing Meta — the company that owns Instagram and Facebook — arguing the social media giant intentionally used harmful features designed to addict young people, Attorney General William Tong said Tuesday.
Connecticut saw influx of 81,000 people from other states in 2022
October 23, 2023
Connecticut saw a net increase of roughly 81,000 people moving into the state in 2022, according to newly released state migration data from the U.S. Census Bureau, again reversing a long-time trend of losing residents to other states before the onset of the COVID-19 pandemic.
What CT's first-ever long-term tax strategy will mean for you
October 11, 2023
Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.
New Law Raises Connecticut Public Charities Audit Threshold as of July 1, 2023
September 07, 2023
For Connecticut Public Charity registrations originally due after July 1, 2023, Connecticut Public Acts 23-99 and P.A. 23-98, effectively raise the audit threshold for charitable organizations (subject to registration) to gross revenues greater than $1,000,000 and allows for an audit or review for organizations with gross revenues between $500,001 and $1,000,000. Gross revenue is calculated excluding grants or fees from government agencies or revenue from funds held in trust for the benefit of the organization. Public Acts 23-98 and 99 state that, “For a financial statement [i.e., a charitable registration] that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.” With the law effective July 1, 2023, the new provision generally applies to each Connecticut charitable organization subject to registration with a fiscal year ending August 31, 2022 or later. CPAs should consider alerting their not-for-profit clients of the new requirements. The chart below refers to the financial documents required for renewal applications.
Connecticut Adopts 30-Month CPA Exam Testing Window: FAQs on Timing and Implementation
August 17, 2023
This spring the National Association of State Boards of Accountancy (NASBA) announced an amendment to the Uniform Accountancy Act Model Rules that extends the CPA Exam testing window from 18 months to 30 months. This means that individuals will now have 30 months from receiving their first CPA Exam section passing score to successfully pass the remaining sections.
CT DOL Warns of Uptick In Unemployment Fraud Due to Identity Theft
July 24, 2023
Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo is warning Connecticut employers and residents of an uptick in unemployment benefits fraud due to identity theft. Connecticut is among states being targeted by criminals who are flooding the unemployment system using stolen identities to file for benefits. During the pandemic, stolen identities were available on the dark web for about one dollar. Criminals are still mining this resource to purchase names, Social Security Numbers, birth dates, and other personal information that they use to apply for credit cards, bank loans, and unemployment benefits. Connecticut’s unemployment system is currently receiving several thousand claims per day; CTDOL suspects around 75% are fraudulent and is withholding payment.
Governor Lamont Signs Legislation Requiring Completion of Personal Financial Management Course to Graduate From High School
July 20, 2023
Governor Ned Lamont today announced that he has signed into law legislation approved by the Connecticut General Assembly during the recently adjourned session that requires students to complete a half-credit course in personal financial management and financial literacy in order to graduate from Connecticut public high schools. It also adds personal financial management and financial literacy to the state’s required program of instruction for public schools.
Connecticut Among First States to Enact 30-Month CPA Exam Testing Window
June 09, 2023
With just minutes left in the 2023 Connecticut legislative session, Connecticut officially joined the first states to adopt the 30-month CPA Exam testing window recommended by NASBA.
How Connecticut changed during COVID, in 10 charts
May 21, 2023
On May 10, exactly three years and two months after Gov. Ned Lamont declared a public health emergency in response to the COVID-19 pandemic, he declared it over.
MyCTSavings Registration Deadline Extended
May 03, 2023
If you own a business with 5 or more employees and do not offer a qualified retirement savings plan, state law requires that you provide a retirement savings option. Initial registration deadlines have passed, but you can still take action by August 31, 2023. Employers can register with MyCTSavings at no cost to the business, or provide a private retirement plan to comply with the law. Learn more and register at https://myctsavings.com/employers/program-details.
NASBA Extends CPA Exam Testing Window to 30 Months
April 24, 2023
In response to feedback submitted through the exposure draft, NASBA has announced that it will adopt an increased testing window of 30 months.
Cannabis Concerns Grow With Recreational Sales Set To Start Next Month
December 19, 2022
Some members of Connecticut’s medical marijuana community are concerned about the recreational market with sales expected to start on Jan. 10, 2023. They are also concerned about the mold threshold allowed under Connecticut law.
CT leaders mull special session for essential worker relief, gas tax
September 29, 2022
Legislative leaders are considering calling a special session after the November election